The wedge
After-hours window
The wedge is weekend FX: 24/5 still leaks P&L.
VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14VELMVellum Protocol8,420 waitlistKITEKite Ledger2,190 waitlistPLSDPalisade ID1,640 waitlistNRTLNorthlineDay 8 of 14SABLSable RailDay 5 of 14QULLQuill MarketsDay 11 of 14CDWLCinder Well6,947 waitlistHRTNHartline8,787 waitlistOBSNObsidian Rail4,416 waitlistFENLFen Clearing1,060 waitlistLUMNLumen Books5,510 waitlistRDCTRedact ID6,485 waitlistHRBNHarbor NAV6,973 waitlistQLTDQuilt1,876 waitlistNMBMNimbus Match7,864 waitlistBRASBrass4,166 waitlistSLSTSolstice Credit9,342 waitlistWLTRWillow Transfer7,031 waitlistEMBREmber Registry2,487 waitlistNQAYNorth Quay2,013 waitlistKLNSKiln4,412 waitlistGLSHGlass HouseDay 8 of 14IRNPIron PierDay 1 of 14PLFRPale FireDay 3 of 14
Board
CEDJ
Screened
SCREENEDWholesale FXCedar Gate
A named Helsinki buyer is on the record. You are still reading the public page.
Aisha Santos will not run a public sale on this pad. The listing exists because of that sentence.
Cedar Gate — A permissioned DvP rail: cash against asset between banks, FMIs or funds that already have accounts with each other. It is the moment of exchange, not a new listed asset.
Screened, not yet in sprint. Treat every number as provisional. Calendar access is not automatic.
A year from now this will be an obvious company or a missed one. The window decides which.
Diligence, not a prospectus. RCA Pad does not allocate, take orders, or close funding. If this company raises, it raises with its own counsel.
Stage
upcoming
Window
0days
Heat
0/99
Inbound / wk
0asks
Asking now
0live
Named pilots
0
Still a question
Live nodes
0
Permissioned FX rail
Counsel hours
0
Not offering — locked
Sentences killed
0
Before listing
Claims live
1/6
Sprint
Our cut
0%
Of any proceeds
Plate Horizon · 4935
CEDJ
The plate
Horizon. Edition 4935.
A unique plate for Cedar Gate. Geometry, orbit, and edition belong to this company — no other listing on the board shares it.
CEDJ · Helsinki · Wholesale FX
Score
0
Desk diligence
Pilots
0
Named, redacted
Stage
upcoming
upcoming
HQ
Helsinki
Banks
Sells
After-hours
After-hours window
Markets
0
Helsinki
Years
0
Founded 2024
Surfaces
0
Permissioned FX rail
Complete
0
File readiness
Why the desk took it
Early — still a question.
Retail was never in the deck.
Traction
One named pilot (redacted).
Founded 2024, headquartered in Helsinki. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 67/100. A qualified custodian reconciling against this book. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
Next 12 months
Still no public token as the FX unit.
360T and FXall are the screens. This is the after-hours rail. Per-event pricing so a pilot can start without a transformation programme.
The brief
How a serious reader should hold this.
In Helsinki, the person who signs the monthly pack already has a vendor. Cedar Gate is not asking them to believe in a token. It is asking them to move one job — the one that currently lives in a spreadsheet, a fax, or a person who is about to retire — onto a record that can be shown to counsel. The queue to read that record is already not empty.
The bet is narrow. A named Helsinki buyer already has budget for this invoice. Cedar Gate wins if it is cheaper than the internal build and cleaner than the protocol pitch. It loses if a founder later wants a public book. The window is the time you have to decide which it is.
On a Tuesday in Helsinki, an exception posts back into the customer’s existing case system. Nobody opens a side spreadsheet. That is the product: the night someone in ops does not stay late.
From the screen
We will not describe this as Reg CA-compliant, MiCA-stickered, or FCA-authorised. Issuers retain their own counsel in every relevant jurisdiction.
From the pilot
A dual-control drill exists on paper. Production evidence is the next artefact, not a tweet.
From the founder
This communication is not an offer. Participation mechanics do not exist on this pad. If a later reader treats the public stack as the offer, the stack was already wrong.
The window
Miss this and you read the archive.
A later reader gets the same PDF. They do not get the same access.
0% of proceeds. Fixed fee. The incentive is a clean campaign — not a raise.
If you are a founder who wants a pack like this: apply. If you are a buyer: call them — not us.
Window remaining
0days
When this window closes, the campaign is archive.
- Sentences killed
- 9
- Counsel hours on file
- 11
- Asks / week
- 12
- Our cut
- 0% of proceeds
Renewal is the round. If nobody renews, there is no company. A token would not fix that.
This company
Cedar Gate
Services firms hide in ‘platform’ language. Cedar Gate sells a seat plus an event. Named.
In the same conversation
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
The bet
Why this company exists.
The wedge is weekend FX: 24/5 still leaks P&L.
The wedge is weekend FX: 24/5 still leaks P&L.
T+1, 24/7 FX and on-chain funds make overnight risk visible. Banks will connect a rail before they will issue a coin.
Wholesale settlement is a volume business. Even a sliver of fails avoided is a number a treasurer recognises.
Versus the field
The incumbent brand sells the relationship. Cedar Gate sells the job the brand will not staff. A protocol pitch is the thing this company has already refused. Open-source looks free until the auditor asks who attests.
Named: Helsinki. Off-limits: Public residual claims, United States. A US person hearing an offering communication is a US problem even if the company sits in Helsinki. Blocking an IP and taking a US Telegram admin is not a block.
How it works
- 01Two permissioned parties lock an agreed obligation
- 02Asset and cash move together, or not at all
- 03Existing accounts are the source of funds
- 04No public chain sale of the rail’s token
- 05Matches stay inside named desks; cash still settles where it already settles
- 06The legal source of truth stays with the incumbent register, admin, or custodian.
In the same conversation as
- CLS
- Fnality
- RTGS upgrades
- Not a public L1
If they raise
Where the money would actually go.
Not a token float. A budget against work. RCA Pad still takes 0% of proceeds.
Claims & campaign ops
29%
Keeping the public story from running ahead of the claims register.
Control environment
21%
Hiring the operator who already does this job at a licensed firm.
Named operators
21%
A counsel memo that can survive a later reader.
Second market
29%
The remaining certifications and the second named market.
Operating week
What “in market” actually looks like.
- FriKill switchRehearse unpublish in 24 hours. If it takes a committee, it is not a switch.
- SunOwnersWho can decide messaging and budget on a recorded line. If the answer is nobody, stop.
- SatDarkNo creators. No threads. Restricted geos stay dark.
- TueExceptionsOvernight breaks post back into the customer’s case system. No side book.
The wedge
Why this one, not the other one.
- They sell
- After-hours window
- Who pays
- A qualified custodian reconciling against this book.
- Unit economics
- Per-event pricing so a pilot can start without a transformation programme.
- Moat on file
- CLS or local RTGS remains the final cash.
- Switching cost
- Scheme maps, ISO, LMA language, registry adapters — eighteen months of unglamorous work.
- Vs the comps
- 360T and FXall are the screens. This is the after-hours rail.
- Why we listed it
- Retail was never in the deck.
Next twelve months
What has to be true.
Still no public token as the FX unit.
They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
If they raise, it is to hire the remaining certifications and the second market — not to float a coin.
Traction
What you can verify today.
Founded 2024, headquartered in Helsinki. One named pilot on file (redacted in public). 2 nodes or connected surfaces reported. Desk diligence score 67/100. A qualified custodian reconciling against this book. They killed their own ‘token as fee’ sentence before we asked. Rare, and it scored.
- Architecture paper — no production customer on the public file
- No token contract listed as a public sale
- Named founder; customer still a conversation
- Helsinki is the operating centre
- The waitlist, if any, is a product list — not a book
- RCA Pad does not take a cut of proceeds
Readiness
Six things a serious buyer asks. 100 is “ready to take to counsel and a customer.”
- Product29
- Customers40
- Legal path62
- Tech maturity34
- Demand10
- Market access44
Risks
What can kill it.
The one that actually kills it
A second geography without a lock
Extending the record into a market that is still restricted is how a clean Helsinki story becomes a fact pattern. The restricted list exists for a reason: Public residual claims, United States.
Money issuance
If the rail issues a settlement asset, it is in the e-money / deposit perimeter.
Legal finality
Atomic in software is not final in court. Ask which law says it is.
Incumbent RTGS
Central banks are not asleep. A feature can become a standard.
Public token
Listing the rail’s unit is a sale. This pad does not run that sale.
Issuing the cash
If Cedar Gate issues a stablecoin to make this atomic, the company becomes an e-money problem.
Token relapse
A later round that wants a public token puts Cedar Gate in a different perimeter. The file treats that as a hard stop.
Ask these next
- 01Which geography is actually locked, and which is a hope?
- 02If RCA Pad disappeared tomorrow, could the customer still run the job?
- 03Which incumbent can copy this in a quarter, and what would they have to migrate?
- 04What happens if a founder later wants a public token?
- 05Who is the first named paying customer — not a letter of intent?
- 06Has counsel written the perimeter in a memo you can file?
Structure
How money would actually move.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire.
- Entity
- Cedar Gate Ltd
- Path on file
- Not offering — locked
- Posture
- No public sale
- Pack
- Sprint
Where they can operate
Named vs off-limits.
Named markets are where a sentence is allowed. Restricted is where it is not. This is not a worldwide offering.
- Helsinkinamed
- Public residual claimsrestricted
- United Statesrestricted
Team
Who runs it.
- Aisha SantosChief executive
- Nadia NgChief executive
Stack
- Permissioned FX rail
- Wholesale FX
- Disclosure templates
- Approval trail
Named with them
- Northbridge Counsel
Who can decide
Aisha Santos (Chief executive) will take a 30-minute call and decide budget. If the only person who can accept “we are not opening a sale” is a silent co-founder in another time zone, this company would not be on the board.
Year two is a second named market and the remaining certifications — still permissioned. It is not a public book. A public book would be a different company.
Claims with evidence
Statements with evidence.
| Statement | Evidence | Status |
|---|---|---|
| Cedar Gate does not sell a token to the public on this pad | Posture lock | live |
| The product is wholesale fx sold to institutions | Architecture + customer type | draft |
| Permissioned FX rail is the method — not a listed asset | Paper only | draft |
| Retail buyers are out of scope | Named markets lock | live |
| Any raise completes with the issuer’s counsel and providers — not on RCA Pad | Fixed-fee terms | live |
| Production date for the chain layer is not committed | Desk file | draft |
| No public token is sold on this pad | Engagement terms + posture lock | live |
| Customers contemplated: Helsinki | Named markets on the file | draft |
On the record
- Application APP-4223ScreenSep
- Counsel questionPathSep
Operating log
02 Sep 17:00
Application scored. Cedar Gate is not a calendar slot.
10 Sep 10:12
Counsel question sent. Name a path or lock not-offering.
Path to now
Now
Screen
Calendar is never automatic.
Next
Counsel or close
A named path, or a locked not-offering.
Not a subscription
This is not a sale page.
Too early to talk about a round on this pad. Screen first. A path has to be named by counsel before anyone should wire. Founders who want a pack like this one apply. Readers who want the company talk to the company — not to this pad.
Other companies
VELMVellum ProtocolSettlement rails for private credit funds. Campaign live. No public token sale.KITEKite LedgerTrade-finance records on a permissioned L2. Live waitlist. Allocation is not on this pad.PLSDPalisade IDPermissioned identity for funds. Live in the EEA professional lane. No token, no sale.NRTLNorthlineOn-chain fund admin. Day 8 of 14. The pack is the product. Pathway locked: not offering.